New Trend In Coconut Grove | Building More Affordable Properties

I like a trend that I am seeing right now in Coconut Grove which is a push by developers to build more affordable homes. Average prices in the Grove have crept up higher and higher reaching an average of $1,402,528 in 2017. Even the townhouse market which used to be a good alternative for buyers who couldn’t afford a single family home has risen drastically over the past few years, some selling as high as $1,000,000. Despite those figures, the segment of the market with the highest demand is definitely in the $1,000,000 and below price point. The reason that we don’t see more homes selling below $1,000,000 is simply due to a lack of supply.

The good news? Just this week, a new boutique condo building was launched in Coconut Grove where prices will begin at $799,000. “Arbor” is located north of Cocowalk at 3084 Oak Avenue and will be a 5 story building with 52 units. Although the starting price of $799,000 isn’t cheap (especially considering the median home value in Miami-Dade County is $267,000), whether we like it or not it is the entry-level price point for Coconut Grove. I am glad to see developers are recognizing the demand for properties such as this and look forward to selling them to my clients!

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 8 years and knows the market inside and out. If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.